Louisiana Startup Prize offers $50,000 to entrepreneurs

Gregory Wallenberg, founder of the Louisiana Film Prize and Louisiana Music Prize teamed up with Cohab to announce the Louisiana Startup Prize.

"The Louisiana Startup Prize is quite simply the most amazing entrepreneurial competition on the planet," says Kallenberg.

Over the next five months, entrepreneurs will compete to win $25,000 in cash and $25,000 in professional services to boost their business.

Local investors and judges will look at their business proposals for the best and brightest ideas, and those individuals will have a unique opportunity at success.

Here are the requirements:

-Your business has to be three years-old or younger.

- Your revenues have to be less than $1 million.

- You must attend two qualifying events, which trains entrepreneurs on how to win the grand prize.

"Wow, it would be just what I need to get my foot in to get the building, the renovations and even the salon equipment," says Sharon Crump.

Crump says the grand prize package will be the main catalyst for her innovative salon idea.

“Salon suites incubator, pretty much an incubator where I will be providing space for hair stylists, and barbers so they can learn the other side of it," says Crump.

And Weston Merriott says his automotive services business will benefit from not just the money, but the exposure.

"I think just the exposure from being involved with the contest and all the buzz that's being created...I was really surprised at how many people were here, because I think the marketing effect is going to be more important than the money," says Merriott.